Don’t buy a home now, London first-timers warned by Telegraph

It is not the kind of article that usually endears itself to many agents – but the Telegraph’s main headline ‘You’d be crazy to buy a home right now’ is mercifully misleading, just in case any of your purchasers mention it in the context of pulling out.

In fact, the piece, by property correspondent Anna White, is specifically about first-time buyers in London.

As the sub-heading says: “Wrong move not Rightmove: First-time buyers will get burnt if they pile into the overheated London market.”

Her piece accuses estate agents of talking up the market, but advises readers: “Now is not the time to buy your first home.”

There has been, she says, “a wave of panic across Greater London” as first-time buyers stretch themselves to get on the property ladder before price rises shut them out altogether.

This, she says, has perpetuated further price rises, with open house viewings and sealed bids commonplace.

Plus, says White, interest rate rises are looming, and Stamp Duty is costly.

Her solution?

Move out. She recommends Northamptonshire or Birmingham.


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